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Chart - Courtesy Trading View
NZD/USD was trading 0.24% higher at 0.6838 at around 11:00 GMT. The pair has edged higher from 4-week lows at 0.6805, hovers around 38.2% Fib.
Uncertainty regarding the release of the US Consumer Price Index (CPI) data later in the NY session keep investors wary.
The yearly US Consumer Price Index (CPI) is expected to print at 8.5%, much higher than the prior figure of 7.9%.
Core Consumer Price Index will likely increase by 0.47% in March, taking the year-on-year inflation rate higher by 20 basis points to 6.6%.
Higher US inflation print will force the Fed for a more aggressive tightening of monetary policy. The Fed has already announced seven interest rate hikes this year.
Stronger US dollar is likely to keep downside pressure in the pair. Recovery from 4-week low is seen capped at 38.2% Fib.
Price action is below major moving averages, momentum is bearish, scope for dip till daily cloud.
